International Insurance News Archives

Will heat insurance help protect the poor against extreme temperatures?

May 24, 2023May 23, 2023 G. Turner

As climate change makes the world hotter, the poorest workers in the world might benefit from coverage. By April near Ahmedabad, India, temperatures had already reached 100ºF, an extreme being linked to trends relating to climate change, and one against which heat insurance has the potential to protect affected workers. Everyone from physical laborers to people selling products affected by heat could potentially benefit. Last year, temperatures there reached 114.8ºF, at a peak becoming increasingly commonplace, as 2016’s peak was an even higher 118ºF. That location is far from the…

Exxon and Guyana accused of oil spill insurance breach

May 9, 2023May 9, 2023 Live Insurance News

A Guyanese court recently ruled against the energy company and the country’s environmental agency. A unit of Exxon Mobil has been ruled to be in breach of oil spill insurance for its first Guyana offshore oil project, partly because of errors made by the country’s environmental regulator, according to a Guyanese court. The government of Guyana has rejected the ruling made by the court against its environmental regulator. According to High Court Justice Sandil Kissoon in the ruling, Exxon “engaged in a disingenuous attempt” to shrink its environmental permit obligations…

Registering an Insurance Company in Ireland

May 5, 2023 Guest Author

insurance company in Ireland how to open one

The insurance sector is a highly controlled government-enforced syndicate. First off, you will require a license issued by the Irish Financial Services Regulator. Also, you’ll require a massive amount of capital because there is a needed risk ratio which is really high. Some companies can alleviate the risk for you (reinsurers) to aid with this prerequisite but they impose a levy (can reach up to 30% for high-risk companies). Ireland provides a great investment opportunity since the local economy is growing rapidly. Several industries in Ireland testified to experiencing considerable…

European Union aims to close climate change damage insurance gap

April 27, 2023April 26, 2023 Nordstrom

Insurance gap - EU flag and Climate Change

Only about a quarter of catastrophe losses suffered in the European Union are insured. The European Central Bank (ECB) and European Union insurance regulators announced this week that it was working to better close the insurance gap to provide improved coverage from climate change by setting up public-private partnerships and issuing “catastrophe bonds”. The current uninsured catastrophe losses are creating risks to the EU economy and financial stability. As only about one quarter of catastrophe losses related to climate change in the European Union are insured, the insurance gap is…

Britain launches deposit insurance program review to boost confidence in banks

April 20, 2023April 19, 2023 Nordstrom

The Bank of England is looking into whether “improvements” need to be made to the program. The Bank of England (BoE) has stated that it is currently considering making “improvements” to the deposit insurance program that currently protects depositors who are customers of smaller banks. The coverage allows depositors at smaller banks to recover the money in their accounts if those banks fail. The country’s central bank has not yet released any details regarding what part of the deposit insurance program it is examining or what it is considering changing.…

Insurance spending will double in the next decade, says Lloyd’s of London

March 28, 2023March 27, 2023 H. Cutner

Insurance Spending - Lloyd's of London Building

Chief exec John Neal has predicted that a greater risk perception like bank failures will drive the trend. Global insurance spending will probably reach the point that it has doubled in the coming decade, mainly driven by an increased risk perception, said Lloyd’s of London CEO John Neal. Climate change and bank failures have reminded the world of the size of potential risks. “Financial risk,” on the heels of bank failures in Europe and the United States, in addition to systemic risks, such as climate change and pandemics, are expected…

Highly Ignored Impact of Increasing Petrol Prices on Two-Wheeler Owners in India

March 24, 2023 Guest Author

Petrol prices in India on two-wheelers have been on a consistent rise for quite some time now. Despite the Indian government announcing a reduction in these prices, they remain stagnantly high. This has started to affect two-wheeler owners dramatically, making them break the bank. Essentials like commodities and transportation costs are not being met conveniently due to this spike in petrol prices. But there is so much more that is happening due to this problem. Is there any hope for relief from this anytime soon? Let us find out! The…